Kalpataru Limited IPO

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1. Business Overview

Kalpataru is an integrated real estate development company with a strong presence across the Mumbai Metropolitan Region (MMR) and other Indian cities. The company is engaged in end-to-end real estate development activities including land acquisition, planning, design, construction, marketing, and sales. With a diversified portfolio of residential, commercial, retail, township, and redevelopment projects, Kalpataru operates across various micro-markets and price points.

2. Market Presence

Kalpataru is one of the top 5 developers in MCGM (Mumbai) and among the top 7 in Thane, based on units supplied from 2019 to 2024 (Anarock Report). The company has 120 completed projects covering over 25.87 million sq. ft. in Mumbai, Thane, Pune, Hyderabad, Bengaluru, Indore, Jodhpur, and Panvel. It also has significant land reserves of 1,886 acres for future development.

3. Development Portfolio

As of December 31, 2024, the company’s portfolio includes:

– 25 Ongoing Projects (24.83 msf)
– 6 Forthcoming Projects (16.33 msf)
– 5 Planned Projects
– Major presence in MMR and Pune, contributing over 94% of its total developable area

The company follows an “asset-light” strategy through JVs, JDAs, and redevelopment, contributing to operational efficiency and scalability.

4. Segment Focus

Kalpataru develops a wide range of luxury, premium, and mid-income housing, along with commercial offices, shopping malls, and integrated townships. Its residential portfolio includes apartments, villas, duplexes, and plotted developments. Commercial assets are either leased or sold, while retail spaces are developed and managed directly.

5. Brand Strength and Sales Strategy

The “Kalpataru” brand is synonymous with trust, quality, and reliability. The company strategically uses its brand value to sell more than 80% of saleable area during the construction phase, which helps in reducing financing requirements and improving cash flows. It is also regarded as a preferred partner for landowners seeking monetization.

6. Competitive Advantage

i) Strong foothold in the top-performing real estate region (MMR)
ii) Diversified project mix across income levels and asset classes
iii) Robust development pipeline and financial visibility
iv) Brand equity built over 5 decades
v) Synergies with Kalpataru Group’s expertise in infrastructure, logistics, and EPC

Objects of the Kalpataru Limited IPO:

The Company proposes to utilise the Net Proceeds towards funding the following objects: 1. Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company and its Subsidiaries (₹1192.5 cr) 2. General corporate purposes
DRHP of Kalpataru Limited IPO
RHP of Kalpataru Limited IPO

Kalpataru Limited IPO Details:

Open Date: Jun 24 2025
Close Date: Jun 26 2025
Total Shares: 3,84,05,797
Face Value: ₹ 10 Per Equity Share
Issue Type: Bookbuilding
Issue Size: 1590 Cr.
Lot Size: 36 Shares
Issue Price: ₹ 387 to 414 Per Equity Share
Listing At: NSE,BSE

Promoters And Management:

1. Mofatraj P. Munot is the Non-Executive Chairman of the Company and has been associated with it since inception. A veteran with over 55 years of experience in real estate, civil contracting, and allied industries, he has played a pivotal role in shaping the Company’s strategic vision. He is a former President of the Maharashtra Chamber of Housing Industry and has been conferred lifetime achievement awards by Construction World, CREDAI-MCHI, and Realty Plus. 2. Parag M. Munot, Managing Director, holds a master’s degree in Industrial Administration from Carnegie Mellon University, USA. With over 33 years of experience in real estate, he leads the Strategy, Sales & Marketing, and Operations of the Company and is responsible for driving new business initiatives across the Kalpataru Group’s real estate vertical. 3. Narendra Kumar Lodha, Executive Director, is a qualified Chartered Accountant and Company Secretary, with a commerce degree from the University of Rajasthan. Associated with the Kalpataru Group since 1988, he has 36+ years of industry experience and currently oversees business development and commercial assets.

Financials of Kalpataru Limited IPO:

Particulars 9M FY 25 FY 2023-24 FY 2022-23  FY 2021-22
Revenue from Operations 1,624.73 1,929.98 3,633.18 1,000.67
EBITDA 101.66 -78.01 -49.66 -35.97
EBITDA Margins 6.26% -4.04% -1.37% -3.60%
Adjusted EBITDA* 516.25 448.79 1,959.30 180.68
Adjusted EBITDA Margins 31.77% 23.25% 53.93% 18.06%
PAT 5.51 -116.50 -229.43 -125.36
PAT Margins 0.33% -6% -6.31% -12.52%
RONW 0.55% -10.15% -16.74% -8.74%
Operating Cash Flows 300.37 376.44 2,139.12 402.22
* Adjusted EBITDA is calculated as the EBITDA plus finance cost component included in cost of sales and other operational expenses.

Comparison With Peers:

Companies Revenue EBITDA Margins PAT Margins D/E Ratio MCap P/E
Kalpataru  (FY 2024) 1,929.98 Cr. -4.04% -6% 10.49 8,524 Cr. In Loss*
Oberoi Realty (FY 2025) 5,286 Cr.  59% 42% 0.21 71,272 Cr. 32.90
Macrotech Developers (FY 2025) 13,780 Cr. 29% 20% 0.35 1,49,433 Cr. 54
Godrej Properties (FY 2025) 4,923 Cr. -2% 28% 0.73 73,128 Cr. 52.70
Sunteck Realty (FY 2025 853 Cr. 22% 17% 0.12 6,489 Cr. 43.20
Mahindra Lifespace Developers (FY 2025) 372 Cr. -46% 16% 0.76 7,723 Cr. 126
Keystone Realtors (FY 2025) 2,004 Cr. 10% 9% 0.34 7,056 Cr. 41
Prestige Estates Projects (FY 2025) 7,349 Cr. 34% 8% 0.85 74,723 Cr. 160
*Forward PE is 1161 on the basis of FY 25 PAT.

Recommendation on Kalpataru Limited IPO:

Review and Recommendation of Kalpataru IPO by team IZ is 4/10.

Lead Manager of Kalpataru Limited IPO:

  1. ICICI Securities Limited
  2. JM Financial Consultants Private Limited
  3. Nomura Financial Advisory And Securities (India) Private Limited

Registrar of Kalpataru Limited IPO:

  1. MUFG Intime India Private Limited

Discussion on Kalpataru Limited IPO:

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